Codemasters are currently busy putting the finishing touches to the next game in the Formula 1 franchise and they have made a lot of improvements since F1 2010.
With any sports simulation game the major question is how close is it to the real life version of the sport and as you will be able to tell from the comparison video below F1 2011 is pretty close. (Comparison starts at 0:40)
Codemasters has spent a lot of time improving the physics and handling of the cars since 2010 and has also refined the graphics leading to what you see below.
F1 2011 will be releasing next month for the Xbox 360, PS3 and PC.